Kathmandu. In the next four years, the size of the reinsurance business in the Asia-Pacific region is expected to reach $ 68.5 billion.
Global Data predicts that business in The Asia Pacific region will reach $68.4 billion by 2029, with an annual average growth rate of 4.8 percent. Global data predicts that this increase will be due to stable reinsurance fees and increased demand for cover of the growing disaster risk.
In 2024, reinsurance business in the Asia-Pacific region is estimated to be worth $54 billion. According to the global data report, the reinsurance business in the sector will be worth $ 56.3 billion in 2025, $ 58.8 billion in 2026, $ 61.0 billion in 2027 and $ 64.7 billion in 2028.
The Asia Pacific region accounted for 13.3 per cent of the overall global reinsurance business in 2023. This year, there was a $52.7 billion reinsurance business in the Asia-Pacific region. As the market for reinsurance business grows in the region, the mature and fast insurance market has to grow.
In particular, the Asia-Pacific region has been hit by natural disasters caused by climate change. That is why the market size is also increasing due to the high demand for reinsurance, according to the Global Data report.
